SK Innovation posts net loss in second quarter

South Korea’s top refiner, SK Innovation Co., said weak refinery market conditions resulted in a net loss of KWN305.3 billion (US$267.4 million) in the April-June period, compared with a net profit of KRW299.5 billion (US$264.9 million) a year earlier. SK Innovation attributed the poor performance in the second quarter to global weakness in the refining sector. The company also posted a record operating loss in the second quarter. “The KRW 459.7 billion (US$406.6 million) in operating losses is the worst in SK Energy’s 50-year history,” SK Innovation said in a press release. But the company said its other affiliates in the chemical and resource development sector performed relatively well in the second quarter. (July 27, 2012)